Anna Wu, chairman of the Mandatory Provident Fund Schemes Authority, says Hong Kong's biggest companies need to be prepared as the rights of their employees are about to be expanded with regard to how they manage their pensions.
Wu served as keynote speaker at AsianInvestor's seminar on Hong Kong MPF Employees' Choice, hosted by the Hong Kong Retirement Schemes Association. She was introduced by HKRSA chairman Michael Button and event organiser Jonathan Watkin.
The event attracted 349 delegates from companies as well as service providers, filling the banquet hall of the Renaissance Harbour View Hotel to capacity.
MPFA executive director Darren McShane led the audience through the nuts and bolts of implementing employee choice arrangement (ECA).
Philip Tso, director of investment at consultancy Towers Watson, explained how changes to MPF were going to impact employers and urged the industry to promote MPF in a better light.
Francis Chung, of MPF Ratings, compared Hong Kong's MPF with Australia's superannuation system and explained how pensions in Australia emerged as a key part of civil society as well as the cornerstone of financial markets.
Ken Lau, of BestServe, tackled issues around how the employee experience can be enhanced in MPF, and provided tips on how to differentiate service.
Finally, a panel of employers and consultants discussed implementation of ECA. Nancy Chan, general manager of group human resources at Jardine Matheson, expressed concerns that many workers will struggle to understand ECA.
KT Lai, former treasurer at CLP and past president of the Hong Kong Institute of Human Resource Management, described some of the challenges MPF presents to smaller companies.
And Jack Mak, of Towers Watson, outlined the responsibilities of investor education on different participants. Cynthia Chung, of Deacons and an executive member of the HKRSA, chaired the discussion.
To see our gallery of photos from the event, please click here.